Nithin Kamath Credits Jio and Digital Infrastructure for Zerodha Growth

Zerodha founder Nithin Kamath credited the growth of his stockbroking firm and the broader expansion of Indian capital markets to the digital infrastructure provided by Reliance Jio, Bharti Airtel, Aadhaar, and UPI. In a post on X, Kamath noted that affordable mobile data brought millions of Indians online, contributing to a surge in unique investors from approximately 2 crore in 2016 to over 13 crore today.

Kamath recalled being "petrified" in 2015 when The Economic Times listed him as one of the top 10 businessmen to watch alongside Mukesh Ambani. He observed that the very capital markets Jio helped grow are now enabling the telecom provider to raise money through its upcoming IPO.

While Kamath declined to provide a specific recommendation on whether investors should apply for the Jio IPO, he emphasized that the combination of digital identity and payment systems made the post-COVID expansion of the markets possible.